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Walmart is unveiling a grocery delivery subscription service this fall, AP reports.
Why it matters: The big box store is hoping to boost its constituency of time-starved shoppers looking for convenience, and attempting to move strongly into one of the fastest growing e-commerce sectors.
- Walmart's stock gained nearly 1% on Thursday, having recently touched a record high, as investors have gotten more bullish on the largest U.S. retailer in recent weeks.
- With more positive trade war headlines helping push the overall market higher, investors are game to buy Walmart's latest challenge to Amazon.
- The service will charge an annual membership fee of $98 for subscribers to choose unlimited same-day delivery.
- That price is $21 less than the cost of Amazon Prime.
- The grocery services will be fulfilled by local stores and require a minimum order of $30. With same-day delivery, there’s a 4-hour minimum wait time between placing an order and having it delivered, AP reports.